#Write2Earn #TrendingTopic #TradeNTell #BTC #USDT. $BTC $BNB $ADA Tether Minting Fuels Bitcoin Price Surge: Correlation or Coincidence?
Bitcoin has surged beyond $65,000, paralleled by the Tether Treasuryâs issuance of an unprecedented 1 billion USDT. This alignment sparks conversations within the crypto community, given Tetherâs historical connection with notable upswings in Bitcoinâs value, prompting renewed discussions on its potential impact.
Renowned crypto investor LordBright stirred the conversation, asking the community in a post: â$1,000,000,000 USDT got minted. Which coin are they planning to pump?â This question adds to the intrigue surrounding the significant injection of Tether into the crypto market.
Tetherâs CEO, Paolo Ardoino, addressed the speculation, clarifying that the newly minted $1 billion USDT is reserved for future issuance requests and chain swaps. This authorized but not issued transaction serves as inventory for upcoming needs. Additionally, Tether achieved a significant milestone, crossing the $100 billion market capitalization mark, reflecting a 9% year-to-date growth. Tetherâs dominance in the stablecoin market, with over 70% market share according to DefiLlama, is further solidified.
However, Tetherâs growing market cap and dominance have caught the attention of JPMorgan analysts. They express concerns about potential issues related to regulatory compliance and transparency, highlighting the need to address these matters in the digital currency world.